Annual 2025 Performance Highlights:
-- Successful production and qualifications of industrial, beverage can, and automotive quality flat rolled aluminum products
-- Successful production and consumption of biocarbon material
-- Record steel shipments of 13.7 million tons
-- Net sales of $18.2 billion, operating income of $1.5 billion, and net income of $1.2 billion
-- Adjusted EBITDA of $2.2 billion and cash flow from operations of $1.4 billion
-- Liquidity of over $2.2 billion
-- Share repurchases of $901 million of the company's common stock, representing over four percent of its outstanding shares
Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced fourth quarter and annual 2025 financial results. The company reported fourth quarter 2025 net sales of $4.4 billion and net income of $266 million, or $1.82 per diluted share. Comparatively, the company's sequential third quarter 2025 net income was $404 million, or $2.74 per diluted share, and prior year fourth quarter net income was $207 million, or $1.36 per diluted share.
"The teams delivered solid operational and financial performance across our operating platforms in 2025, generating annual net sales of $18.2 billion, operating income of $1.5 billion, and adjusted EBITDA of $2.2 billion," said Mark D. Millett, Chairman and Chief Executive Officer. "This performance demonstrates the strength and consistency of our cash generation, as we generated $1.4 billion in cash flow from operations during the year, after investing $450 million in growth working capital associated with our new aluminum products platform. Our three-year after-tax return-on-invested-capital of 14 percent is a testament to our ongoing high-return capital allocation strategy. We are growing, returning capital to shareholders, and maintaining strong returns as compared to best-in-class domestic manufacturers.
"The aluminum and biocarbon teams continue to make strong progress," continued Millett. "We have successfully produced finished aluminum flat-rolled products for the industrial and beverage can markets, as well as hot band for the automotive sector. Although there is still work ahead, the team has strong momentum and achieved positive EBITDA in December, positioning us well as we continue commissioning and ramping operations. Additionally, the SDI Biocarbon Solutions team is continuing to refine operations and increase production, providing a significantly lower-carbon supply chain opportunity for our steel and steel fabrication customers.
"We also achieved record annual steel shipments as imports declined from the elevated levels experienced during the first half of the year and as Sinton's year-over-year operating performance improved," said Millett. "We are seeing an improved flat rolled steel market environment, supported by domestic trade actions, manufacturing onshoring, infrastructure program funding, lower interest rates, and the increasing regionalization of supply chains in the U.S. Long product steel demand remains very strong, especially for structural steel and railroad rail. Looking ahead, we expect to benefit from strong demand across our platforms."
Fourth Quarter 2025 Comments
Fourth quarter 2025 operating income for the company's steel operations was $322 million, or 35 percent lower than sequential third quarter results, due to lower average realized selling values and lower volumes related to both seasonal demand and planned maintenance outages at the company's flat rolled steel mills. In addition to lower seasonal activity, some of the planned maintenance outages were longer in duration than originally anticipated and decreased volume in the fourth quarter by an estimated 140,000 to 150,000 tons of flat rolled steel production. The fourth quarter 2025 average external product selling price for the company's steel operations decreased $12 sequentially to $1,107 per ton. The average ferrous scrap cost per ton melted at the company's steel mills decreased $7 per ton sequentially to $374 per ton. Average realized flat rolled steel pricing declined in the quarter based on lagging priced contracts, while long product steel prices increased as demand for structural and rail products was strong. The energy, non-residential construction, automotive, and industrial sectors led steel demand in the quarter.
Fourth quarter 2025 operating income from the company's metals recycling operations was $19 million, or $13 million lower than sequential earnings, based on lower selling values and decreased shipments across the platform.
The company's steel fabrication operations generated operating income of $91 million in the fourth quarter 2025, lower than sequential third quarter results of $107 million, based on seasonally lower shipments more than offsetting modest metal spread expansion, as average selling values improved slightly and steel raw material costs declined. Order activity remained steady in the quarter, with the order backlog maintaining solid levels extending through the first half 2026, supported by stable pricing. Demand was largely driven by the commercial, data center, manufacturing, warehouse, and healthcare sectors. Looking ahead, the pace of domestic manufacturing investment, increased domestic onshoring activity, and momentum from the U.S. infrastructure program are expected to further support demand.
On November 21, 2025, the company issued $800 million in unsecured notes, comprised of $650 million of 4.000% notes due 2028 and $150 million of 5.250% notes due 2035. The net proceeds from the notes were used to redeem the company's $400 million 5.000% Notes due 2026 and for other general corporate purposes.
Based on the company's differentiated business model and highly variable cost structure, the company generated cash flow from operations of $273 million during the quarter. The company also invested $188 million in capital investments, paid cash dividends of $73 million, and repurchased $240 million of its outstanding common stock, representing one percent of its outstanding shares.
Annual 2025 Comparison
Annual 2025 net income was $1.2 billion, or $7.99 per diluted share, with net sales of $18.2 billion, as compared to net income of $1.5 billion, or $9.84 per diluted share, with net sales of $17.5 billion for the same period in 2024.
Annual 2025, net sales increased 3.6 percent to $18.2 billion, and operating income declined 24 percent to $1.5 billion, when compared to the same period of 2024. Decreased earnings were the result of lower realized pricing in the company's steel and steel fabrication operations. Annual 2025 operating income from the company's steel operations and steel fabrication operations declined $155 million and $260 million, respectively, when compared to the prior year. The average 2025 external selling price for the company's steel operations decreased $15 to $1,089 per ton compared to 2024, and the average ferrous scrap cost per ton melted at the company's steel mills increased $1 to $387 per ton.
Based on the company's differentiated circular business model and highly-variable cost structure, the company generated strong cash flow from operations of $1.4 billion during 2025. The company also invested $948 million in organic growth investments, paid cash dividends of $291 million, and repurchased $901 million of its outstanding common stock, representing over four percent of its outstanding shares, all while maintaining strong liquidity of $2.2 billion as of December 31, 2025.
Outlook
"We anticipate that improving market conditions, including increased trade stability and a more favorable interest rate environment, will support solid domestic demand for steel and aluminum products," continued Millett. "Steel pricing has improved, and customer optimism remains solid across our businesses, as demand continues to be steady. Additionally, discussions with our customers further underscore the growing importance of lower-carbon, domestically produced steel and aluminum products, positioning our businesses for a sustainable long-term competitive advantage. As unfair trade practices diminish, policy clarity improves, and U.S. manufacturing continues to expand, we believe a favorable market environment will follow.
"The aluminum team is continuing with the successful commissioning and startup of the company's Columbus, Mississippi aluminum flat rolled products mill and San Luis Potosi satellite recycled aluminum slab center. The cast houses and hot strip mill are operating extremely well, and commissioning is ongoing in other areas of the facility. The teams shipped products for the industrial and beverage can sectors, receiving product qualifications from several customers. They also produced and shipped aluminum hot band for use in automotive applications. We continue commissioning the cold mill and other downstream operations, including the CASH line. It is an extremely exciting time for all of us. There is still much to be done, yet much has also been accomplished.
"We have deliberately aligned our growth strategy with our customers' developing needs, prioritizing product excellence, supply-chain efficiency, and sustainability. Building on our strong positions in steel, we are expanding into high recycled-content aluminum to serve adjacent markets where customer demand is accelerating. This opportunity spans the counter-cyclical beverage can and packaging segment and extends to automotive, industrial, and construction applications. Backed by a performance-based culture and a proven ability to develop and operate cost-efficient, high-margin mills, we are well positioned to deliver attractive long-term value through this expansion.
"Our unwavering commitment to the health and safety of our teams, families, and communities underpins our ability to meet both current and future customer needs. Our differentiated culture and business model continue to drive performance, while strong cash flow generation and disciplined execution of our long-term strategy are strengthening our financial position," concluded Millett.
Conference Call and Webcast
Steel Dynamics, Inc. will hold a conference call to discuss fourth quarter and annual 2025 operating and financial results on Monday, January 26, 2026, at 11:00 a.m. Eastern Standard Time. You may access the call and find dial-in information on the Investors section of the company's website at www.steeldynamics.com. A replay of the call will be available on our website until 11:59 p.m. Eastern Standard Time on February 2, 2026.
About Steel Dynamics, Inc.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company is also in aluminum operations, further diversifying its product offerings to supply aluminum flat rolled products with higher recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors. Steel Dynamics is committed to operating with the highest integrity and to being the safest, most efficient producer of high-quality, broadly diversified, value-added metal products.
Note Regarding Financial Metrics
The company believes that after-tax return-on-invested capital (After-tax ROIC) provides an indication of the effectiveness of the company's invested capital and is calculated as follows:
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After-
tax
Net Income Attributable to Steel Dynamics, Inc.
ROIC =
(Quarterly Average Current Maturities of Long-term Debt + Long-term Debt + Total Equity)
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Note Regarding Non-GAAP Financial Measures
The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). Management believes that the non-GAAP financial measures EBITDA and Adjusted EBITDA provide additional meaningful information regarding the company's performance and financial strength. Non-GAAP financial measures should be viewed in addition to and not as an alternative for the company's reported results prepared in accordance with GAAP. In addition, not all companies use identical calculations for EBITDA or Adjusted EBITDA; therefore, EBITDA and Adjusted EBITDA included in this release may not be comparable to similarly titled measures of other companies.
Forward-Looking Statements
This press release contains some predictive statements about future events, including statements related to conditions in domestic or global economies, conditions in steel, aluminum, and recycled metals market places, Steel Dynamics' revenues, costs of purchased materials, future profitability and earnings, and the operation of new, existing or planned facilities. These statements, which we generally precede or accompany by such typical conditional words as "anticipate", "intend", "believe", "estimate", "plan", "seek", "project", or "expect", or by the words "may", "will", or "should", are intended to be made as "forward-looking", subject to many risks and uncertainties, within the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These statements speak only as of this date and are based upon information and assumptions, which we consider reasonable as of this date, concerning our businesses and the environments in which they operate. Such predictive statements are not guarantees of future performance, and we undertake no duty to update or revise any such statements. Some factors that could cause such forward-looking statements to turn out differently than anticipated include: (1) domestic and global economic factors; (2) global steelmaking overcapacity and imports of steel, together with increased scrap prices; (3) pandemics, epidemics, widespread illness or other health issues; (4) the cyclical nature of the steel industry and the industries we serve; (5) volatility and major fluctuations in prices and availability of scrap metal, scrap substitutes and supplies, and our potential inability to pass higher costs on to our customers; (6) cost and availability of electricity, natural gas, oil, and other energy resources are subject to volatile market conditions; (7) increased environmental, greenhouse gas emissions and sustainability considerations from our customers and investors or related regulations; (8) compliance with and changes in environmental and remediation requirements; (9) significant price and other forms of competition from other steel and aluminum producers, scrap processors and alternative materials; (10) availability of an adequate source of supply of scrap for our metals recycling operations; (11) cybersecurity threats and risks to the security of our sensitive data and information technology; (12) the implementation of our growth strategy; (13) our ability to retain, develop, and attract key personnel; (14) litigation and legal compliance; (15) unexpected equipment downtime or shutdowns; (16) governmental agencies may refuse to grant or renew some of our licenses and permits; (17) our senior unsecured credit facility contains, and any future financing agreements may contain, restrictive covenants that may limit our flexibility; and (18) the impacts of impairment charges.
More specifically, we refer you to our more detailed explanation of these and other factors and risks that may cause such predictive statements to turn out differently, as set forth in our most recent Annual Report on Form 10-K under the headings Special Note Regarding Forward-Looking Statements and Risk Factors, in our Quarterly Reports on Form 10-Q, or in other reports which we file with the Securities and Exchange Commission. These reports are available publicly on the Securities and Exchange Commission website, www.sec.gov, and on our website, www.steeldynamics.com under "Investors - SEC Filings."
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Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
Three Months Ended Year Ended Three Months
December 31, December 31, Ended
2025 2024 2025 2024 Sept. 30,
2025
Net sales $
4,414,048 $
3,872,138 $
18,176,581 $
17,540,390 $
4,828,215
Costs of goods sold 3,884,757 3,430,404 15,784,398 14,737,804 4,070,335
Gross profit 529,291 441,734 2,392,183 2,802,586 757,880
Selling, general and administrative expenses 184,646 176,904 765,308 664,119 200,844
Profit sharing 27,196 19,755 122,986 164,904 42,389
Amortization of intangible assets 7,219 7,573 27,903 30,526 6,890
Operating income 310,230 237,502 1,475,986 1,943,037 507,757
Interest expense, net of capitalized interest 26,958 14,579 70,043 56,347 13,573
Other (income) expense, net (27,333) (21,040) (87,028) (96,191) (19,662)
Income before income taxes 310,605 243,963 1,492,971 1,982,881 513,846
Income tax expense 46,090 34,091 305,660 432,925 109,920
Net income 264,515 209,872 1,187,311 1,549,956 403,926
Net loss (income) attributable to noncontrolling interests 1,518 (2,579) (1,716) (12,822) (241)
Net income attributable to Steel Dynamics, Inc. $
266,033 $
207,293 $
1,185,595 $
1,537,134 $
403,685
Basic earnings per share attributable to
Steel Dynamics, Inc. stockholders $
1.83 $
1.36 $
8.02 $
9.89 $
2.75
Weighted average common shares outstanding 145,627 152,096 147,806 155,420 146,947
Diluted earnings per share attributable to
Steel Dynamics, Inc. stockholders, including the
effect of assumed conversions when dilutive $
1.82 $
1.36 $
7.99 $
9.84 $
2.74
Weighted average common shares
and share equivalents outstanding 146,249 152,801 148,404 156,136 147,600
Dividends declared per share $
0.50 $
0.46 $
2.00 $
1.84 $
0.50
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Steel Dynamics, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, December 31,
Assets 2025 2024
(unaudited)
Current assets
Cash and equivalents $
769,878 $
589,464
Short-term investments 147,811
Accounts receivable, net 1,682,660 1,417,199
Inventories 3,738,516 3,113,733
Other current assets 293,117 163,131
Total current assets 6,484,171 5,431,338
Property, plant and equipment, net 8,569,466 8,117,988
Intangible assets, net 331,290 227,234
Goodwill 477,471 477,471
Other assets 550,456 681,202
Total assets $
16,412,854 $
14,935,233
Liabilities and Equity
Current liabilities
Accounts payable $
1,231,358 $
979,912
Income taxes payable 67,315 3,783
Accrued expenses 788,926 739,898
Current maturities of long-term debt 34,655 426,990
Total current liabilities 2,122,254 2,150,583
Long-term debt 4,176,508 2,804,017
Deferred income taxes 997,449 902,186
Other liabilities 186,232 133,201
Total liabilities 7,482,443 5,989,987
Commitments and contingencies
Redeemable noncontrolling interests 141,226 171,212
Equity
Common stock 653 652
Treasury stock, at cost (7,980,549) (7,094,266)
Additional paid-in capital 1,248,634 1,229,819
Retained earnings 15,689,042 14,798,082
Accumulated other comprehensive loss (598)
Total Steel Dynamics, Inc. equity 8,957,182 8,934,287
Noncontrolling interests (167,997) (160,253)
Total equity 8,789,185 8,774,034
Total liabilities and equity $
16,412,854 $
14,935,233
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Steel Dynamics, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Operating activities:
Net income $
264,515 $
209,872 $
1,187,311 $
1,549,956
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization 146,282 125,550 551,390 478,907
Equity-based compensation 23,642 25,136 68,983 66,589
Deferred income taxes (108,551) (40,968) 94,397 (42,583)
Other adjustments 2,863 (7,286) (10,208) (5,507)
Changes in certain assets and liabilities:
Accounts receivable 187,306 147,758 (157,456) 191,108
Inventories (338,329) (69,535) (423,435) (221,036)
Other assets (18,399) 8,336 (77,276) (13,718)
Accounts payable (31,673) (55,757) 206,843 (67,361)
Income taxes receivable/payable 157,144 3,166 52,179 10,183
Accrued expenses (12,088) 600 (43,194) (102,035)
Net cash provided by operating activities 272,712 346,872 1,449,534 1,844,503
Investing activities:
Purchases of property, plant and equipment (188,496) (453,175) (948,025) (1,868,006)
Purchases of short-term investments (39,461) (39,571) (739,340)
Proceeds from maturities of short-term investments 536,443 186,996 1,312,294
Business combination, net of cash acquired (175,774) (175,774)
Other investing activities (5,704) 7,348 1,417 (8,308)
Net cash (used in) provided by investing activities (369,974) 51,155 (974,957) (1,303,360)
Financing activities:
Issuance of current and long-term debt 1,255,497 337,381 3,553,683 2,482,919
Repayment of current and long-term debt (824,441) (792,089) (2,567,864) (2,324,058)
Dividends paid (73,078) (70,400) (291,176) (282,616)
Purchase of treasury stock (240,296) (295,140) (900,870) (1,212,164)
Other financing activities (20,845) (3,525) (88,088) (16,678)
Net cash provided by (used in) financing activities 96,837 (823,773) (294,315) (1,352,597)
Increase (decrease) in cash, cash equivalents, and restricted cash (425) (425,746) 180,262 (811,454)
Cash, cash equivalents, and restricted cash at beginning of period 775,697 1,020,756 595,010 1,406,464
Cash, cash equivalents, and restricted cash at end of period $
775,272 $
595,010 $
775,272 $
595,010
Supplemental disclosure information:
Cash paid for interest $
67,890 $
41,512 $
156,749 $
100,978
Cash paid for income taxes, net $
1,338 $
80,308 $
152,000 $
463,763
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Steel Dynamics, Inc.
SUPPLEMENTAL INFORMATION (UNAUDITED)
(
dollars in thousands
)
Fourth Quarter Year to Date
2025 2024 2025 2024 1Q 2025 2Q 2025 3Q 2025
External Net Sales
Steel $
3,141,366 $
2,645,994 $
13,021,977 $
12,061,484 $
3,067,016 $
3,275,551 $
3,538,044
Steel Fabrication 347,252 396,226 1,417,890 1,763,502 352,307 340,648 377,683
Metals Recycling 463,039 482,081 2,041,641 2,005,134 534,895 522,721 520,986
Aluminum 157,747 60,099 361,094 258,547 66,576 65,632 71,139
Other 304,644 287,738 1,333,979 1,451,723 348,401 360,571 320,363
Consolidated Net Sales $
4,414,048 $
3,872,138 $
18,176,581 $
17,540,390 $
4,369,195 $
4,565,123 $
4,828,215
Operating Income (Loss)
Steel $
322,337 $
164,989 $
1,432,390 $
1,586,904 $
229,963 $
382,196 $
497,894
Steel Fabrication 90,545 142,189 407,425 666,984 116,745 93,115 107,020
Metals Recycling 18,642 23,361 97,175 76,807 25,710 21,290 31,533
Aluminum (47,098) (28,896) (172,970) (72,331) (28,735) (40,627) (56,510)
384,426 301,643 1,764,020 2,258,364 343,683 455,974 579,937
Non-cash amortization of intangible assets (7,219) (7,573) (27,903) (30,526) (6,897) (6,897) (6,890)
Profit sharing expense (27,196) (19,755) (122,986) (164,904) (22,695) (30,706) (42,389)
Non-segment operations (39,781) (36,813) (137,145) (119,897) (38,947) (35,516) (22,901)
Consolidated Operating Income $
310,230 $
237,502 $
1,475,986 $
1,943,037 $
275,144 $
382,855 $
507,757
Adjusted EBITDA
Net income $
264,515 $
209,872 $
1,187,311 $
1,549,956 $
217,679 $
301,191 $
403,926
Income taxes 46,090 34,090 305,660 432,924 62,975 86,675 109,920
Net interest expense (income) 17,135 (3,481) 33,245 (33,738) 2,316 7,025 6,769
Depreciation 136,467 116,147 515,425 441,584 125,122 124,003 129,833
Amortization of intangible assets 7,219 7,573 27,903 30,526 6,897 6,897 6,890
EBITDA 471,426 364,201 2,069,544 2,421,252 414,989 525,791 657,338
Non-cash adjustments
Unrealized (gains) losses on derivatives
and currency remeasurement 9,482 (17,703) 14,624 6,882 19,153 (6,197) (7,814)
Equity-based compensation 24,513 25,121 66,759 65,624 14,181 13,819 14,246
Adjusted EBITDA $
505,421 $
371,619 $
2,150,927 $
2,493,758 $
448,323 $
533,413 $
663,770
Other Operating Information
Steel
Average external sales price (Per ton) $
1,107 $
1,011 $
1,089 $
1,104 $
998 $
1,134 $
1,119
Average ferrous cost (Per ton melted) $
374 $
370 $
387 $
386 $
386 $
408 $
381
Flat Roll shipments
Butler, Columbus, and Sinton 1,902,346 1,841,745 8,115,111 7,702,731 2,119,187 1,952,228 2,141,350
Steel Processing divisions * 556,336 460,162 2,071,765 1,779,429 492,627 479,102 543,700
Long Product shipments
Structural and Rail Division 445,978 362,650 1,842,616 1,625,913 437,398 468,827 490,413
Engineered Bar Products Division 170,539 151,239 730,691 714,509 191,658 190,612 177,882
Roanoke Bar Division 139,287 123,133 593,290 516,258 144,186 151,828 157,989
Steel of West Virginia 89,648 81,387 395,328 321,647 96,483 107,201 101,996
Total Shipments (Tons) 3,304,134 3,020,316 13,748,801 12,660,487 3,481,539 3,349,798 3,613,330
External Shipments (Tons) 2,837,126 2,617,914 11,960,582 10,929,453 3,071,735 2,888,916 3,162,805
Steel Mill Production (Tons) 2,838,233 2,663,444 11,877,554 11,242,676 3,021,593 2,949,936 3,067,792
Metals Recycling
Nonferrous shipments (000's of pounds) 195,003 226,434 916,502 965,491 233,080 245,577 242,842
Ferrous shipments (Gross tons) 1,521,629 1,421,021 6,160,797 5,850,544 1,452,432 1,596,583 1,590,153
External ferrous shipments (Gross tons) 507,102 529,335 2,147,762 2,194,510 557,618 545,022 538,020
Steel Fabrication
Average sales price (Per ton) $
2,509 $
2,718 $
2,529 $
2,917 $
2,599 $
2,517 $
2,495
Shipments (Tons) 138,375 145,901 560,866 607,407 135,581 135,347 151,563
* Includes Heartland, The Techs, United Steel Supply, and New Process Steel (beginning December 1, 2025) operations
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